Cryptocurrency Market Update: Bitcoin Price Surges Above $8400 Outperforming Altcoins As They Bleed Out

Cryptocurrency Market Update – The Bitcoin bull run resumed today as the price of the flagship cryptocurrency started to rise against the USD surging as high as $8400. While Bitcoin was enjoying a bull rally, most major altcoins were bleeding out apart from Bitcoin SV and a few others that recorded gains along with Bitcoin. If the Bitcoin bulls continue to drive the uptrend into the weekend, there is a high chance that the price will rise above the key resistance at $9000 again paving the way for more gains against the USD. The altcoin market is also most likely going to join the trend. 

Cryptocurrency Market Update – Bitcoin Price Analysis – Bitcoin News Today – BTC Price Prediction – Crypto Latest Update

Last week, the entire altcoin market was enjoying a bull run while the price of Bitcoin consolidated against the USD. Coins like Litecoin, Cardano, Tron and EOS recorded significant gains per our previous cryptocurrency market update. Now, the tables have turned. The altcoins are consolidating while the flagship cryptocurrency is gaining massively against the USD.

In our previous Bitcoin price prediction, we talked about the fact that the price of BTC was facing key resistance at $8200. We noted that if it is able to surge above this resistance, more gains will be recorded near-term. This is exactly what happened this morning. As the price of Bitcoin crossed the $8200 level, it started gaining consistently until it reached its current level. The total market capitalization jumped from $261 billion to $266 billion within a few hours despite the fact that most altcoins were trading in red against the USD. Even if the market capitalization surged significantly, the trading volume remained relatively stable as there wasn’t any significant activity in the market.

Cryptocurrency Market Update – Bitcoin News Today – Current Price Of Bitcoin – Bitcoin Price Prediction 2019

At the time of writing, the price of Bitcoin BTC was $8,447.75 USD. This means that it is up by 3.39% against the USD with a trading volume of $19,395,180,391 and a market capitalization of $150,021,354,188. The key support level is now around $8200. It is important that the price stays above this support level to avoid lower lows.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,539.97
0.521%

There have been many Bitcoin price predictions made by several experts in the industry. Some have said that the price of BTC will rise as high as $25,000 before the end of the year while others have stuck to a more modest price prediction around $10000. Before the end of this month, if the price of BTC is able to move above $10000, it may go on a parabolic bull run that will see it retest its all-time high.

Right now, the best performing altcoin is Bitcoin SV. It is currently trading at $211.55. This means that it is up by 0.64% against the USD and down by 2.53% against BTC. The trading volume over a 24 hour period is $475,465,662 and the market capitalization is $3,773,081,106. It is important to note that even if the bullish pressure has subsided, it was initially up by over 6% earlier in the day.

What do you think about our cryptocurrency market update in our cryptocurrency news today? Will the Bitcoin bull run continue throughout the weekend? Share your thoughts about the cryptocurrency news today in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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